CHICAGO – September 22, 2017 – Associated Bank has partnered with National Equity Fund, Inc. to provide $13 million of Low Income Housing Tax Credit (LIHTC) equity to support Bickerdike Redevelopment Corporation’s rehabilitation of West Town Housing Preservation, an apartment community in the West Town, Wicker Park, Bucktown and Humboldt Park neighborhoods of Chicago. Associated participated in the project’s equity investment with three investors, including two Chicago-based financial institutions.


“This is a significant investment in Chicago for Associated and a very important preservation project for Bickerdike,” said Senior Vice President Teresa Gutierrez of the Commercial Real Estate division of Associated Bank, who managed the investment closing. “Associated uses its financial resources to bring investment into the underserved areas where we live and work. Focusing on these markets keeps investment dollars local, while strengthening our communities, building opportunity and changing neighbors' lives.”


West Town Housing Preservation includes 318‐units in 68 scattered‐site buildings located just west and northwest of downtown Chicago. The buildings scheduled for rehabilitation include 60 townhomes constructed between 1982 and 1991 and eight three-story walk‐up buildings constructed between 1889 and 1948. The rehab will be completed in geographic clusters of 30‐40 units. Bickerdike expects to complete each cluster in 45 days, with existing tenants not relocated for approximately 30 days. Overall, the project will take 24 months.


The project’s rehabilitation will help preserve quality affordable housing within rapidly gentrifying neighborhoods. The West Town area of Chicago has experienced a significant increase in rental prices over the past five to ten years. The existing project is one of Bickerdike’s premier developments and has demonstrated high occupancy over the past decades with established waiting lists that extend six months to three years depending on the unit type.


Founded in 1967, Bickerdike Redevelopment Corporation is widely recognized for its excellence in community development and providing quality affordable housing that benefits low- and moderate-income residents, working to eliminate gentrification and displacement. Their mission includes revitalization of the West Town, Humboldt Park, Logan Square, and Hermosa communities through affordable housing development, economic development, community & resident organizing, and leadership development. 


Headquartered in Chicago, Associated Bank’s Commercial Real Estate division is committed to providing commercial real estate developers/owners/operators with an array of financing solutions, in addition to products and services that meet their unique needs. Associated’s Commercial Real Estate division has offices in Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio and Wisconsin.                                 



Associated Banc-Corp (NYSE: ASB) has total assets of nearly $30 billion and is one of the top 50 publicly traded U.S. bank holding companies. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from over 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at


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